VLI Corp. of Irvine Loses $181,000 in Second Quarter

The cost of introducing its new pregnancy test kit combined with slow international sales to give VLI Corp. a $181,000 loss for the second quarter, the Irvine maker of the Today contraceptive sponge said. The company posted a $1.8-million loss a year earlier.

Sales in the second quarter were $5 million, up 16% from the $4.2 million posted last year.

VLI Chairman Robert A. Elliott said that despite the quarterly loss the company is pleased by the sales of its new pregnancy test kit, whose market reception exceeded expectations.

Continued strong sales of the kit, plus the introduction later this year of an ovulation predicting kit and a line of condoms should improve future sales and earnings, Elliott said.

For the first six months, VLI reported net earnings of $36,308, compared with a year-earlier loss of $2.6 million. Revenues of $10.2 million were up 23% from $8.4 million.

Elliott said VLI’s research into use of its contraceptive sponge as a vaginal drug applicator is continuing and that the company expects to seek approval from the Food and Drug Administration for the product within the next year.